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the material well being of the average person in a given population.

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measures the monetary value of final goods and service that is, those that are bought by the final use produced in a country in a given period of time

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the rate of increase in prices over a given period of time.

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a measure of the average change over time in the prices paid by consumers for a representative basket of consumer goods and services

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the phase of the business cycle where real gross domestic product (real GDP) grows for two or more consecutive quarters, moving from a trough to a peak

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the month in which a variety of economic indicators reach their highest level, followed by a significant decline in economic activity.

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a period when economic output declines.

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A trough is the stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion.

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an annual sum of money that is awarded by the federal government to a state or local government body to help fund a specific project or program.

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an increase in the value of one currency to another in forex markets

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encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity, whether the entity is a nation or a small town.

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the use of government spending and taxation to influence the economy

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internal costs incurred due to the competing interests of shareholders (principals) and the management team (agents).

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a measurement of the total amount of demand for all finished goods and services produced in an economy

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allows the agency to incur obligations and to make payments from the U.S. Treasury for specified purposes.

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a political system in which supreme authority is vested in the monarch, an individual ruler who functions as head of state

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a resource that can be replenished naturally over time.

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a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption

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movable goods produced within the boundaries of one country, which are traded with another country.

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a good or service bought in one country that was produced in another.

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taxes imposed by one country on goods or services imported from another country.

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a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).

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Economic interdependence is the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce